18 October 2023

The Office for National Statistics (ONS) has released the inflation data for September 2023.

For the year up until September, the Consumer Price Index (CPI) inflation rose by 6.7%. This remains the same as the year up to August 2023, meaning prices are rising at a constant rate. With no further reduction in inflation figures we now look towards the Bank of England to see how the bank rate will be affected.

The Bank of England is due to announce the changes to the bank rate on 2 November 2023. Keep an eye out for updates, as changes in this rate could impact HM Revenue and Customs’ (HMRC’s) late payment interest fees.  

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